Transfer-on-death deeds for real estate helps you to pass on Dubai based property assets to family members. None of us like to think about the worst happening, but it is still better to plan ahead for these events. As an expat living or working in Dubai with property assets, you need to secure the legal transfer of these assets to family or friends of your choosing upon your death.
The question many expat property owners in Dubai ask is, will my family inherit my Dubai property on my death? The simple answer is that this isn’t clear. Property transfer upon death is not always immediate in the Emirates. It is not fully clear-cut whether UAE courts will recognise wills that have been drafted in Dubai or elsewhere in the world as being applicable in devolving property in Dubai. In fact, article 17(5) of the Civil Code of UAE states that UAE laws prevail over wills made by aliens, and provide for real estate transfer to the state. In effect, this can mean that upon your death, property can be transferred back to the state rather than your next of kin immediately inheriting, as you would expect in the UK. This issue is further complicated by the fact that real estate which is jointly owned does not normally transfer in totality to, or become vested in, the surviving owner's interest. This is one of the motivators for the large number of property owners using offshore or holding companies to buy and hold their property interests in Dubai. Shares in these companies can be easily transferred upon death.
Transfer-on-death deeds for real estate may not something you want to think about when buying property, but it is important to plan for the future. At Seal Real Estate Registration Trustee, we can help you ensure your loved ones retain your property in the event of your demise. Visit us today for details of the paperwork required and fees payable at http://www.sealra.com/.